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property bubble. they take in this foreign investment every month when india takes in every year and still it only grows two percentage points faster than india. if you think about the quality of chinese growth it's not as impressive as it appears. massive investment. a huge number of airports, high speed rail. if you look at what you're getting out have -- of it in terms of return on investment, not as impressive. china has a huge problem. the u.n. came out with a report that pointed out that china is going to have a demographic clams over the next years. it is going to lose 400 million. there is no point in human history in which you've had a dominant power in the world that is also declining demographically. simply doesn't happen. if you want to see what a country in decline looks like look at japan and ask yourself how powerful is it? china's g.d.p. gets inflated because the cost of a haircut in beijing is less than one in toronto. but g.d.p. depends on foreign aid and oil and international investments and aircraft carriers and for all of that you need real hard currency and that adjus
train crash in india. at least 67 people were killed and more than 100 hurt. many more bodies are believed to be trapped under the twisted wreckage. the 12 passenger cars derailed in northern india. no official word on a cause but reports say the driver may have slammed on the train's emergency brakes to avoid hitting cattle on the tracks. >> a deadly roller coaster ride may lead to new legislation over theme park safety. investigators are looking at why an iraq war vet who lost both of his legs to a roadside bomb was allowed on a 200 foot ride that led to his death. sergeant james hackermer was thrown from the ride of steel at the darren lakes theme park in new york. now one lawmaker is introducing legislation for more federal authority over theme park safety. there were no rules saying that people who did not have legs could ride that ride. but his family is not blaming the park. >> horrible. under arrest for allegedly trashing the theater where late night host david letterman tapes his show. look at the damage this idiot did to the ed sullivan theater in new york. glass do
for. sending jobs to china and india. job say let's protect creators, but there are no jobs. they just keep selling us out and selling us out. host: there is of the work on twitter -- a couple of stories talking about the financial implications of what's going on right now in washington. and a similar story -- let's hear from virginia beach on our independent line, don. caller: good morning. i would like to speak on the last gentleman's comments. i don't understand why people just don't see a the whole system is broken. our political system is broken. all of these congressmen, democrats and republicans, have too many special interests. the lobbyists are the problem. host: you are echoing comments made by -- caller: they talk about our political system in this country as a sham. host: i think we lost him. let's go to a democratic caller in new hampshire, ron. our focus is the balanced budget amendment. is it necessary? caller: i don't believe it is. a matter what kind of numbers you put up there, if we need the money, we're going to print some more. to echo the last couple previous call
they are in the range of 2.5, whereas merging markets are more in the range of 6.5, some of them such as india and china getting higher marks, so we are facing a turnaround which is very uneven with country's leading the charge and not those that were historic leading the charge and others advanced economies that are lagging behind in a way given the status of development. in the midst of that, we have clearly the two categories different issues to address but if we are to provide service and guidance, advice and recommendations and if and when necessary and if asked support. those are on the one hand the issues of sovereign debt and concerns all advanced economies ranging from japan to the united states, but clearly with a focus as you write about it as we know with a focus on the year autozone and in particular a country such as greece. on the other hand, when we look at emerging markets we have in some corners the risk of overheating, and we obviously have the risk of inflation as well, and sometimes particularly in the low-income countries the risk of imported completion that results from a high pri
or will the leadership pass to china or india or to some other place? this is the great issue confronting the people of the united states, and it's the great issue confronting us here in congress as well. let's get our fiscal house in order. thank you, mr. speaker, and i yield back the balance of my time. the speaker pro tempore: the gentleman from new jersey yields back the balance of his time. the chair recognizes the gentleman from illinois, mr. quigley, for five minutes. mr. quigley: thank you, mr. speaker. mr. speaker, an american president once wrote a letter to the senate majority leader urging him to raise the debt ceiling. the president wrote, "the consequences of a serious prospect of default for the united states is impossible to predict and awesome to contemplate. denegation of the full credit of the united states would have substantial impact on the domestic financial markets and on the value of the dollar in exchange markets." that president's name was ronald reagan and the year was 1983. he closes under the senate majority leader howard baker saying, the risks, the costs, the incalcul
of the constitution that will result to the states india, she should be able to make that claim, and so we told the supreme court take this case even though we lost, so they took the case and in the appointed a private lawyer to argue with the government would have argued in terms of her not having a legal standing, the right to bring the case and then after hearing the oral arguments they wrote an opinion that said that that private lawyer wasn't right for their service, vice versa, but at the end of the day after hearing the argument. >> think about the prosecutor in the perry mason series that he confessed error. there would be no novels, no nothing. [laughter] >> sometimes the courts and the car in the tory area and follow the latter in the supreme court issued but not the spirit, and one of my favorites was in the plaintiffs' court in texas they have some good places to make a living and the court had said the highlight line for punitive damage is $9 of the punitive for every 1 dollar a factual or compensatory damages. so a person who never earned more than maybe a thousand dollars a year
of those tax cuts in china or in india or job creation in many other places other than here. and the balance part of this amendment requires the passage of a balanced budget constitutional amendment that would require a supermajority to raise any new revenue or close any wasteful tax loopholes. so in other words, you don't have to have a supermajority to decide where and what you're going to wind up spending but you have to have a supermajority in order to raise any revenue or close an egregious tax loophole. one that may have no economic purpose, may be completely outdated, may be a sweetheart deal that got into the tax code over o the course of the years, but you still have to get a supermajority to get rid of that. everybody here knows how hard it is to get 60 votes. a lot of the business in the united states senate has been caught up by the eternal filibuster. every single nomination, every single small piece of legislation that comes to the floor of the senate, everything requires a motion to proceed which requires 60 votes, which is effectively a filibuster each time.
in the range of 6.5, some of them such as india and china getting higher marks, so we are facing a turnaround which is very uneven with country's leading the charge and not those that were historic leading the charge and others advanced economies that are lagging behind in a way given the status of development. in the midst of that, we have clearly the two categories different issues to address but if we are to provide service and guidance, advice and recommendations and if and when necessary and if asked support. those are on the one hand the issues of sovereign debt and concerns all advanced economies ranging from japan to the united states, but clearly with a focus as you write about it as we know with a focus on the year autozone and in particular a country such as greece. on the other hand, when we look at emerging markets we have in some corners the risk of overheating, and we obviously have the risk of inflation as well, and sometimes particularly in the low-income countries the risk of imported completion that results from a high prices of commodities and including commodities obvious
Search Results 0 to 7 of about 8